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Abstract:

The best test of the merits of a monetary or credit system is the fact
that its operations attract no notice. As long as all goes well, people
in general are quite content with efficient practical working, and,
very wisely, do not trouble themselves with theoretical anomalies
or defects. Unfortunately what is at one time a matter of purely
speculative interest may at another affect the conditions of national
prosperity, and become of grave practical moment.